The one thing that sticks out in my mind is that Britain, unlike the US, is willing to make hard choices.
Actually it is not the norm that British governments behave radically, although it seems to be more likely when the colour of the government changes after a long stretch of time (EG Thatcher and Blair).
The striking thing is that the May election result looked woefully inadequate to produce a government that would manage to do anything much--the conservatives didn't even win it, whereas Thatcher (second term) and Blair (first and second) won landslides.
I don't think the US will attempt this until there's no choice
Maybe a more relevant comparison with the US is that the UK political system has far less separation of powers, so that once you have a viable majority in the lower house, you can do a lot of stuff without any other legislative or executive body being there to stop it. Some people think that the US system of checks and balances is quite unuseful in addressing long term structural issues as a consequence.
As Osborne pointed out, you're better off confronting this early, rather than later when the choices will be far more draconian.
Not really. If it was "confronted" a year or two ago then the recession (which was the longest one in the developed world, and one of the deepest ex Latvia, Iceland, Greece, Ireland . . ) would probably have been even worse. Although it's a cliche, everyone
was a Keynesian then. But even now there are differences of opinion about how early is correct. (And there are many folks who think that the deficit should be closed to a much greater extent with higher tax, keeping the size of the welfare state closer to its recent peak)
The UK is going to be the most draconian
voluntary tightener of fiscal policy anywhere, I think. Countries facing a worse squeeze are those I mentioned above, and a few others, and in those cases it is being forced by various forms of sovereign debt crisis, which has not happened in the UK at all. Although there is a partial collective memory of when it did happen in 1976 (I wasn't here then).